Question
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan.
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
| Jan. 1 | Inventory | 4 | units at $3,900 | $15,600 |
| Aug. 7 | Purchase | 19 | units at $4,000 | 76,000 |
| Dec. 11 | Purchase | 13 | units at $4,100 | 53,300 |
| 36 | units | $144,900 | ||
There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar).
| a. | First-in, first-out (FIFO) | $fill in the blank 1 |
| b. | Last-in, first-out (LIFO) | $fill in the blank 2 |
| c. | Weighted average cost | 68,425 |
I need help with A and B. possibly with the steps of how to do it.
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The Future Of Audit Keeping Capital Markets Efficient
Authors: Keith Houghton, Christine Jubb, Michael Kend, Juliana Ng
1st Edition
1921666501, 978-1921666506
